Allianz has reported that its premium growth in new European markets rose 14.3% to £795m in the second quarter, despite difficult market conditions, Best news wire reports.
For the first half, Europe premium growth rose 10.5% compared with the previous year. Allianz cites new European markets in Azerbaijan, Bulgaria, Croatia, the Czech Republic, Hungary, Kazakhstan, Poland, Russia, Romania, Slovakia, Slovenia and Ukraine in New Europe.
Allianz board member Werner Zedelius said in a statement that the growth rate reflects Allianz's multi-channel sales approach in the region.
The group's property and casualty business saw a 21% rise in gross premiums, to £1bn in the first half. Second-quarter premiums rose 12%. Operating profit for property and casualty fell 9.8% reflecting an increase in claims experienced by the entire market.
In May, Allianz entered the Slovenian market by opening a branch in Ljubljana. The group is also looking to expand in Azerbaijan, and its Rosno affiliate opened an office in the capital Baku in April.
